Core Insights - IDEX Corporation (IEX) has underperformed in operational performance, particularly in the Fluid & Metering Technologies (FMT) segment, leading to a Zacks Rank of 4 (Sell) [1] - The stock has declined by 18.3% over the past year, contrasting with the industry's growth of 9.4% [1] Business Weakness - The FMT segment is experiencing softness, particularly in agriculture, energy, water, and semiconductor markets, with organic revenues decreasing by 2% year over year in Q2 2025 [4] - Weakness in the European chemicals market is negatively impacting the chemical businesses within the FMT segment [4] Rising Expenses - Selling, general and administrative expenses increased by 11.4% year over year in Q2 2025, with amortization and professional services spending contributing to this rise [5] - As a percentage of sales, these expenses rose by 90 basis points to 23.5% in the same period [5] - The cost of sales also saw a year-over-year increase of 7.4% in Q2 2025 [5] Forex Woes - IDEX's international operations expose it to risks from adverse currency fluctuations, particularly due to a strengthening U.S. dollar, which may pressure profit margins abroad [6][8]

Core Viewpoint - Taiwan Semiconductor Manufacturing Co (TSMC) is focusing on cautious spending while expanding globally to meet the rising demand for AI chips, despite facing macroeconomic and currency risks [1][2]. Financial Performance - TSMC reported a quarterly revenue of $30.07 billion, representing a 44% year-over-year increase in USD and a 38.6% increase in New Taiwanese dollars, driven by advanced 3nm and 5nm chip technologies [3]. - Net income rose 61% year-over-year to $2.47 per share, with gross margin expanding to 58.6% and operating margin reaching 49.6% [3]. - For the third quarter, TSMC expects revenue between $31.8 billion and $33 billion, with gross margins of 55.5% to 57.5% [4]. Market Dynamics - High-performance computing and smartphone chips accounted for 87% of TSMC's revenue, with North America contributing 75% of total sales [4]. - The company is fast-tracking its Arizona projects to meet customer demand, aiming to begin production at a second plant by 2027 [2]. Analyst Insights - Needham analyst Charles Shi maintained a Buy rating on TSMC, raising the fiscal 2025 revenue growth outlook from 24-26% to approximately 30% [5]. - Shi projected third-quarter revenue of $32.4 billion and earnings per share of $2.65, indicating a positive outlook for the company [8]. - TSMC is working on pricing increases for 2026 to potentially offset foreign exchange impacts on gross margins [7].